Housing and Local Government Ministry to announce more easy homeownership schemes soon

PUTRAJAYA (July 24): More easy homeownership schemes for first-time homebuyers including rent-to-own schemes are expected to be ready in September. 

In a press conference after a FundMyHome+DepositKu scheme event today, Housing and Local Government (KPKT) Minister Zuraida Kamaruddin said the ministry is currently finalising the schemes. 

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“We are now in the process of finalising a few schemes, for example the Cagamas scheme and another one with China partners on a rent-to-own scheme. A few banks are also finalising their schemes.

“All of these schemes are rent-to-own schemes, meaning the participant does not need to pay deposit or downpayment but can rent a unit first. After a few years, you can review your profile to apply for a full housing loan,” said Zuraida.

In April, Zuraida had said the ministry is looking to secure foreign financiers, including from China, South Korea and the Middle East for rent-to-own schemes in Malaysia.

Meanwhile, on a separate matter, Zuraida said the ministry will work to remove the names of 

National Higher Education Fund Corp (PTPTN) borrowers from the Central Credit Reference Information System (CCRIS) to enable to get mortgages.

She said the banks will decide when reviewing their mortgage applications.

“Many young people do not have financial commitments yet. They do not have car and house so their credit eligibility is high but they cannot buy a house because their name is in the CCRIS. CCRIS is a bank policy and it is a blanket policy.

“By removing their names from the blacklist, we hope to encourage young people to own a house early,” said Zuraida.